On Tuesday, Cathie Wood-led Ark Invest executed significant trades involving DraftKings Inc., Rocket Lab, and DoorDash, Inc..
The DraftKings Trade
The ARK Innovation ETF fund purchased 236,289 shares of DraftKings on Tuesday. With DraftKings’ shares closing at $34.36, the transaction is valued at approximately $8.12 million.
This move comes as DraftKings faces mounting pressure from emerging competitors like Kalshi, which has been valued at $5 billion. The increased competition has led to heightened activity in sports betting ETFs.
The Rocket Lab Trade
In a notable trade, the ARK Space Exploration & Innovation ETF fund sold 53,917 shares of Rocket Lab on the same day. With shares closing at $68.03, the sale totaled approximately $3.7 million.
Rocket Lab has been in the spotlight following Morgan Stanley’s endorsement, which raised the price target to $68 and likened the company to an early-stage SpaceX. This endorsement has fueled interest in space-themed ETFs, including ARKX. The stock has surged over 25% over the last 30 days.
The DoorDash Trade
Ark’s ARKX fund also acquired 4,823 shares of DoorDash, with the shares closing at $270.54, resulting in a $1.3 million investment.
DoorDash is positioned to surpass Uber in free cash flow growth, driven by its dominant U.S. market position and international expansion. JP Morgan recently upgraded DoorDash’s rating to Overweight, with a new price target of $325, highlighting its strong market presence and growth potential.
Other Key Trades
Sold 30,276 shares of Roblox Corp (Pre-Reincorporation) (NASDAQ:RBLX) from the ARKK fund.
Sold 23,659 shares of Brera Holdings PLC (SLMT) from the ARKK fund.
Bought 8,901 shares of L3Harris Technologies Inc (LHX) in the ARKX fund.
Sold 3,890 shares of AeroVironment Inc (AVAV) from the ARKX fund.
Bought 2,966 shares of Deere & Co (DE) in the ARKX fund.